Last updated on November 2, 2023
The trial of former FTX CEO, Sam Bankman-Fried, continued with the cross-examination of FTX’s former Director of Engineering, Nishad Singh. Singh provided more details about Bankman-Fried’s wrongdoings during the cross-examination. Previously, Singh had mentioned that Alameda Research’s negative balance had grown to $8 billion, but Bankman-Fried downplayed it, claiming it was a bug. Singh also revealed that Bankman-Fried had proposed a $477 million loan, but he never received the cash. Despite Singh’s revelations, Bankman-Fried’s lawyer was able to cast doubt on Singh’s credibility by questioning his memory and revealing that Singh had received a $10 million loan from the company.
The prosecution in the trial has argued that Bankman-Fried mismanaged customers’ funds in order to gain political favors and further his ambitions. They presented evidence, including meetings with notable figures such as the Mayor of New York City and former President Bill Clinton. Bankman-Fried was also in contact with the Bahamas Prime Minister, who had asked for a favor related to his son, to which Bankman-Fried agreed. It remains unclear if these interactions may have influenced the Bahamas government’s decision not to extradite Bankman-Fried on certain charges, including campaign finance violations.
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